Investment Highlights

  • Elderly Designation (62+)
  • Mark-to-Market mortgage restructuring closed in July, 2005; subject to a Mark-to-Market Use Agreement through July, 2035, requiring that 40% of the units must be occupied by (and affordable to) Low Income (i.e. 60% of AMI) tenants
  • The property received an allocation of Low Income Housing Tax Credits pursuant to Internal Revenue Code §42 and is subject to rent and income restrictions for a minimum of 30 years; Placed-in-Service (PIS) year: 2005; End of Initial Compliance Period: December 31, 2019; End of Extended Use Period: 2034
  • Assumable or prepayable HUD §221(d)(4) mortgage
  • 100% Project-Based Section 8 rent subsidy contract; less than 1% economic vacancy in 2019; 20-year, Mark-to-Market, HAP Contract renewal in 2005
  • Located in a qualified Opportunity Zone (OZ) as designated by the US Treasury Department
  • Property amenities include community room, fitness room, library, game room, ballroom, historical archives room, laundry facilities, controlled-access entry, video surveillance, elevator and service coordinator
  • Unit features include dishwasher, 24-hour emergency call system and central air conditioning
  • July, 2018 REAC Score: 98c
  • Ownership is entitled to an Incentive Performance Fee equivalent to 2.22% of the Effective Gross Income

Talk to us about
Russel Erskine

Broker Details

Get the Full Details on
Russel Erskine

View CA

Want to know what
your property is worth?

Request Valuation